Cenveo successfully completed its restructuring and Chapter 11 Plan of Reorganization and emerged from bankruptcy.
Under the Plan, Cenveo completed organizational streamlining and, going forward, will be doing business under the name Cenveo Worldwide Limited or Cenveo.
Cenveo emerges with a strong balance sheet as a result of strengthening its financial position and operational flexibility, including:
- Reducing debt by more than $800 million, from approximately $1.1 billion to about $300 million
- Creating in excess of $65 million of liquidity
- Securing approximately $235 million of term loan exit financing from a syndicate of banks that includes, according to motions filed with the Court, Bank of America, Merrill Lynch, Wells Fargo Bank, Citizens Bank, Barclays Bank and JPMorgan Chase Bank
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“Today marks the beginning of an exciting new chapter at Cenveo as we emerge a stronger company,” said Robert G. Burton, Jr., CEO. “With a significant reduction of debt and increased financial flexibility, Cenveo will be able to invest in growing our core businesses and continue our focus on delivering high-quality products. I would like to express my appreciation to our vendors, employees, customers and creditors for their support as we completed our successful restructuring, and we look forward to continuing to strengthen our relationships.”
Upon emergence, the company will be privately-held, with its largest shareholders comprised of institutional investors with significant capital under management. Michael G. Burton will serve as president. The company also formed a new board of directors, comprised of Burton Jr. and four new qualified and experienced directors.
Kirkland & Ellis advised Cenveo as legal counsel, while Greenhill & Co., Rothschild and Zolfo Cooper acted as investment bankers and financial advisors.
Headquartered in Stamford, CT, Cenveo provides print and related resources in the areas of custom labels, envelopes, commercial print, content management and publisher solutions.
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BofA Agents $411MM Exit Financing for Cenveo
